The most celebrated investor by America and the head of the most powerful Wall Street Bank have had clear the message For Washington: More Confidence. Warren Buffett and Jamie Dimon, CEO of Berkshire Hathaway by JP Morgan Chase, the dominated, both sons Defending by adding tariffs to the rich as a matter of balance -to handle Burgeoning Federal deficit.
DRM Republican, traditionally opposed to rich rise tariffs, are Reported Install the so -called Millionaire tariffsEmphasizing how President Donald Trump's appeal has changed the party. While the proposal faces opposition from many prominent Republicans, the move has been packed to help pay for tax breaks on tips, additional payments, and social security benefits, as well as Expansion of provisions in the law of tax cuts and work of 2017.
The move aside, however, increased income taxes on high income is likely to make billionaires like Buffett, Dimon, Elon MuskAnd Jeff Bezos pays more to the government. That is because high -quality people accumulate their wealth from investment income, rather than from wages and wages like most Americans. Meanwhile, Labor reduction In the division of the internal revenue service inspection and chaos At the peak of the agent it means avoiding tariffs can be much easier.
In other words, “” Millionaire “tax can fall a lot of banks, doctors, lawyers, expert athletes, and mill-mill actors instead of the love of musk, Bezos, Buffett, and Mark Zuckerberg. In fact, legal strategies can allow them to pay quite a bit.
For reference, Bezos, founder of Amazondid not pay a percentage in federal income tax from 2007 and 2011 despite the multi -billion, According For the analysis of his tax revenue obtained by propublica In 2021. Bezos is now the world's second richest man worth $ 195 billion, Per Bloomberg Index.
Tesla CEO Elon Musk, who leads with a total of $ 304 billion, was successful in the year 2018.
Oracle of Omaha has raised this issue himself, showing happily he was less than a lower tariff than his secretary, Debbie Bosanek.
Bosanek to some extent grew the face of tax equity in America, and, in 2011, President Barack Obama suggested the so -called Buffett Administrationwhich was intended to increase the quality of tariffs on millionaires up to 30% by eliminating certain tariffs and subsidies. The bill was banned by the Republican filibuster.
'Millionaire' tax would not cut
Six constituencies – California, Connecticut, Maine, Massachusetts, New Jersey, and New York (with Washington, DC) – passed the “Millionaire Tax,” all that focus on revenue. At the federal level, a maximum of 37% applies to people who make up at least $ 626,350. The DRM Republican has reportedly increased the rate to 40% for those doing around $ 370,000 more.
At present, however, it seems the proposal would not affect qualified dividends and long -term capital gains, which are currently struck by a maximum of 23.8%. Personal balance also benefits from taxation on the same rate of carry interestwhich also results in a multitude of compensation for joint venture capital and court management managers. Trump has indicated he wants to close the loop, in which the estimate of the meeting budget office would cut federal deficiencies and $ 13 billion Through 2034.
Some say that ultrawealthy is already below high tariff rates, however. American Tax Agency, Conservative thinking tank, He says 2024 Read From the Treasury department shows the richest people in the country are struck by high tax rates up to 60% while the company's revenue accounting and property tariffs at home and abroad, as well as government and domestic tariffs.
“Treasury research was undoubtedly ordered to show that wealthy Americans pay a small amount of income tax compared to all their wealth,” Tax President Scott Hodge wrote. “But many governments, foreign and domestic people, tariffs and trade on their income and not their wealth.”
A simple tariff of “millionaires” possibly would not change that.
This story was previously shown Bahati.com
Source link